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6. Galera Corporation debited Cost of Goods Sold and credited Manufacturing Overhead at year-end. On the basis of this information, one can conclude that: a. budgeted overhead exceeded actual overhead. b. budgeted overhead exceeded applied overhead. C. budgeted overhead was less than applied overhead. d. actual overhead exceeded applied overhead.

6. Galera Corporation debited Cost of Goods Sold and credited Manufacturing Overhead at year-end. On the basis of this information, one can conclude that: a. budgeted overhead exceeded actual overhead. b. budgeted overhead exceeded applied overhead. C. budgeted overhead was less than applied overhead. d. actual overhead exceeded applied overhead.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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P5,800, a small amount given the firm's size. The year-end journal entry to 7. Howard Manufacturing's overhead at year-end was underapplied by 10. Selecte 6. Galera Corporation debited Cost of Goods Sold and credited Manufacturing Overhead at year-end. On the basis of this information, one can conclude follow that: Oct. a. budgeted overhead exceeded actual overhead. b. budgeted overhead exceeded applied overhead. C. budgeted overhead was less than applied overhead. d. actual overhead exceeded applied overhead. Oct. record this amount would include: a debit to Cost of Goods Sold. b. a debit to Manufacturing Overhead. a debit to Work-in-Process Inventory. a. C. 506
Transcribed Image Text:P5,800, a small amount given the firm's size. The year-end journal entry to 7. Howard Manufacturing's overhead at year-end was underapplied by 10. Selecte 6. Galera Corporation debited Cost of Goods Sold and credited Manufacturing Overhead at year-end. On the basis of this information, one can conclude follow that: Oct. a. budgeted overhead exceeded actual overhead. b. budgeted overhead exceeded applied overhead. C. budgeted overhead was less than applied overhead. d. actual overhead exceeded applied overhead. Oct. record this amount would include: a debit to Cost of Goods Sold. b. a debit to Manufacturing Overhead. a debit to Work-in-Process Inventory. a. C. 506
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